During a recent refinance endeavor to take advantage of a mailer I received from my financial institution where I am currently a customer, I encountered one of the problems people face today. This has to do with appraisals that are not done in a diligent manner.
I did not want to refinance like so many other people today who have lost jobs, had pay cuts, or those that have gone through a divorce and just want to keep their home. Here is my story…I bought a property a few years ago and decided to do a substantial renovation to increase the value of my home. When the lender sent out the appraiser, and the appraisal came back at approximately the assessed valuation before my improvements, I called my mortgage company and voiced my displeasure with the appraisal. The appraiser did not do his due diligence with working up the value of my home and this is what really irked me! This large financial institution said it did not matter and that this number would not affect my loan approval. Of course… since I have enough equity in the home already.
I told them that this was not the point. I said there are people who would like to refinance to cut their payments down and make it easier to afford so banks always need to make sure that people that they contract with make a concentrated effort on coming up with the proper values of properties. It’s a crime when people don’t care. Needless to say, I did not refinance with this bank and will not recommend them to any of my clients.
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